A surge in dollar demand from Indian lenders racing to boost the leverage on foreign currency deposits they are offering to overseas citizens is firing up its dollar bond and loan markets, with global banks rushing to capture the business, according to people familiar with the matter.
Mitsubishi UFJ Financial Group and Standard Chartered Plc are working to secure some of the deals for both dollar bonds and loans, executives from the companies said. Other global banks including Citigroup Inc., HSBC Holdings Plc and Barclays Plc are also in active discussions with local financiers to arrange their dollar debt raising plans, said the people who asked not to be identified discussing private matters.
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